The internet has created all kinds of new ways to grow one’s money. If you’re looking for an alternative way to invest your money, why not try one of these investment strategies
Putting your money into a high interest savings account is a risk-free way to invest your money. Unfortunately, finding ‘high’ interest accounts in this day and age isn’t easy – interest rates tend to be pretty low in most traditional savings accounts.
Online banks tend to be the places where you’ll find some of the best deals. Because these banks don’t have the overheads of running physical branches, they can often afford to pay customers higher interest rates. If you’ve been thinking of putting your money into a savings account, a saver in an online bank could be the way to go.
Peer-to-peer lending sites allow you to give out loans to other people online. The loan is then paid back to you in installments with interest.
Some peer-to-peer lending sites allow you to charge interest rates of 6% – which is better than any savings account you’re likely to find. Generally, you’ll be able to earn more interest by offering longer-term loans with smaller installments.
Peer-to-peer lending does have its risks. There is a risk that the person may default on their payments, which could result in you failing to get your money back. Some peer-to-peer lending sites offer protection which ensures that you get your installments back regardless of whether the borrower pays. However, this isn’t always the case.
Cryptocurrencies are digital currencies. They include the likes of Bitcoin, Ethereum and Ripple. Just like real currencies, these currencies are constantly shifting in value. This makes it possible to buy a cryptocurrency that is rising in value and then sell it for a profit.
The likes of Bitcoin have seen huge rises in value over the last few years. However, these cryptocurrencies can be somewhat unpredictable and there is always a chance that the value of a cryptocurrency may drop and you could lose everything. By investing in a range of cryptocurrencies, you can spread the risk so that there’s less chance of losing everything.
You can buy cryptocurrencies using a global cryptocurrency exchange. Always trade cryptocurrencies using official platforms so that you’re not scammed. Once you’ve bought a cryptocurrency, it could be worth putting it into a digital wallet to keep it secure.
It’s also possible to make money by investing in domain names. A sought after domain name can become valuable and could be sold for a great profit. The tricky part is finding a sought after domain name that hasn’t already been bought.
You can buy domain names through hosting providers or by getting in contact directly with owners. Many domain name investors will buy a range of domain names in the hope that one becomes popular and valuable. You can find guides to investing in domain names online.